Two-Home Multifamily
For Sale
$200,000
1845 Park St, Kingsport, TN 37664
Two detached residences share one parcel, with one leased home and a second residence currently vacant.
Property Size1,835 SF
Price / SF$108.99
Days on Market18
Property Features for 1845 Park St
General Information
Standard status
Active
Size
1,835 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1938
Buildings
3
Listing Agency:
The Realty Shop
(423) 429-5214
Listed By:
The Freck Group, Shad Freck, Stephanie M
(423) 429-5214
Source:
Livinginjohnsoncity
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 9:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Realty Shop
Investment Insights
Based on property information with market context.
This multifamily property consists of two detached residences on a single parcel at 1845 and 1849 Park St. in Kingsport. The front residence contains 1,067 square feet with two bedrooms and one bathroom and is occupied by a tenant. Built in 1938, it is accompanied by a rear residence constructed in 1940 that offers 768 square feet, two bedrooms, and one bathroom. The rear home is vacant and available for showing.
A separate 264-square-foot stone utility building sits between the residences and was built in 1938. The property has a history of long-term tenancy and is being sold as-is. The combined residential area is 1,835 square feet, with the two homes providing separate living spaces on the same parcel.
A separate 264-square-foot stone utility building sits between the residences and was built in 1938. The property has a history of long-term tenancy and is being sold as-is. The combined residential area is 1,835 square feet, with the two homes providing separate living spaces on the same parcel.
Key Highlights
- Two detached homes on one parcel at 1845 and 1849 Park St.
- Front home: 1,067 sqft, 2 beds, 1 bath; built in 1938
- Rear home: 768 sqft, 2 beds, 1 bath; built in 1940
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,818
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$256,360
$256.4K
Cap Rate 7%
$183,114
$183.1K
Cap Rate 9%
$142,422
$142.4K
Market Conditions
NOI Build-Up for 1,835 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.7K $13.44/SF
− Vacancy
−$1.4K −$0.74/SF
EGI
$23.3K $12.70/SF
− OpEx
−$10.5K −$5.72/SF
NOI
$12.8K $6.99/SF
Area
Sullivan County, TN
Vacancy
5.50%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$256,360
Cap Rate 7%
$183,114
Cap Rate 9%
$142,422
Alternative Uses
Best Use
Apartment 5plus
$183.1K
$160.2K – $213.6K
NOI $12,818 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$687.2K
$601.3K – $801.7K
NOI $48,102 @ 7.0% cap · market cap 24.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
683
Businesses Nearby
Explore this area
Business Placement
Demographics for 37664, TN
28,748
Population
13,914
Households
2.1
Avg Household Size
44
Median Age
34%
College-Educated
92%
High-School Grad
33.9 sq mi
ZIP Area
848
Density / Sq Mi
$61,164
Median Household Income
$37,047
Median Earnings
$817
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two detached residences share one parcel, with one leased home and a second residence currently vacant.
Where is this multifamily property located?
The property is located at 1845 Park St Kingsport, TN.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two detached homes on one parcel at 1845 and 1849 Park St.; Front home: 1,067 sqft, 2 beds, 1 bath; built in 1938; Rear home: 768 sqft, 2 beds, 1 bath; built in 1940
